RAPAPORT... India’s diamond trade showed a significant slowdown in October as dealers and manufacturers took vacation for the Diwali festival.

Polished-diamond exports slid 23% to $1.93 billion, according to data recently published by the Gem & Jewellery Export Promotion Council (GJEPC). By volume, exports dropped 17% to 2.7 million carats, with the average price declining 7% to $716 per carat.

Rough imports plunged 36% to $806.8 million, reflecting a weakened rough market as Diwali fell in the middle of October, about two weeks earlier than last year. The value of De Beers’ October sight, at $370 million, was 25% lower than the equivalent sale in 2016, largely due to the timing of the festival, the mining company said at the time.